ISA TRANSFER NOT HAPPENED YET.

colsten

I have very recently had 2 ISA cash transfer requests unactioned.

One was from Shawbrook to Coventry. Coventry claimed they had asked Shawbrook 3 times and Shawbrook had not responded once. Shawbrook claimed they never had any request at all from Coventry.

The other one was from Coventry to Shawbrook (a totally different ISA to the one above). I had given Shawbrook the 9-digit account number of my Coventry ISA. When I rang Shawbrook to ask about the status of the transfer, they said Coventry are known for not processing ISA transfers for 9-digit account numbers........Shawbrook submitted a new transfer request there and then with an 8-digit account number, and the transfer then completed in a record 36 hours, despite lockdown.

In both cases, I got no communication from either of the requesting providers, neither within the 16 working days or afterwards. Coventry did eventually send me a letter dated the day after completion of my Coventry --> Shawbrook transfer, telling  me that I should contact them immediately if I didn't want the transfer to go ahead. As it's lockdown, I didn't make a fuss over the problems.

Newly_retired

My Coventry to Shawbrook  happened within a week, whereas I am still waiting for one from Nationwide to Shawbrook to happen, and I started that process one day earlier.

sharpinf

Newly_retired said:

My Coventry to Shawbrook  happened within a week, whereas I am still waiting for one from Nationwide to Shawbrook to happen, and I started that process one day earlier.

In the exact same boat - requested Nationwide to Shawbrook transfer 11 days ago and nothing yet.
Coventry to Shawbrook was done in a couple of days which was very impressed by.
Can only assume Nationwide have a backlog going through with so many and such big rate falls and Coventry are managing to keep on top of it.

violetta

I am still waiting on Nationwide to Shawbrook too - was initiated two weeks ago tomorrow,.so still within the 15 working days I suppose.

DresD

I have a similar issue waiting for a transfer of cash ISA funds from a Nationwide account. Nationwide has explained they have a backlog. I have waited just over 3 weeks. Someone told me that the request to transfer funds is cancelled if not completed within 30 days but I am not sure if this is working days or actual days. Would anyone know?

eskbanker

DresD said:

I have a similar issue waiting for a transfer of cash ISA funds from a Nationwide account. Nationwide has explained they have a backlog. I have waited just over 3 weeks. Someone told me that the request to transfer funds is cancelled if not completed within 30 days but I am not sure if this is working days or actual days. Would anyone know?

I haven't heard of any such timeout provision, do you have any links, etc?  There is the 15 working day timescale within which cash ISA transfers should be completed but I've never seen any reference to anything happening, automatically or otherwise, if this deadline isn't met, and would expect that delays won't be uncommon in current circumstances....

DresD

Thank you eskbanker. I think my mum misinterpreted something she read and that it actually related to ISA accounts where the money was tied up in a notice period. The wording was not clear.  I will wait patiently. No doubt there are lots of people applying for transfers right now. 

Newly_retired

I have had messages from both Nationwide and Shawbrook that transfers are taking longer than usual.

Newly_retired

Transfer from Nationwide to Shawbrook completed today, taking just under three weeks. Shawbrook were excellent in keeping me updated.

kjmpde

i opened a new isa on 30th april and at the same time asked for my existing isa with another bank to be transferred when mature on 12 may.  now 8th june and nothing has happened. Each bank is blaming the other. As a customer I am losing interest  as I am told that the matured isa is now getting 0.01% and not the expected 1.3%.  My concern is that the money has been lost. .